Jan. 31 (Bloomberg) -- JPMorgan Chase & Co. hired Cathrin Petty from U.K. private-equity firm Vitruvian Partners LLP as co-head of its health-care investment banking team in Europe, the Middle East and Africa amid rising activity in the sector.
Petty, who has almost 20 years of experience in health care, will work alongside the team’s current head, Rakesh Patel, according a memo obtained by Bloomberg News. She will start next week and report to Laurence Hollingworth. The contents of the memo, written by Vis Raghavan, head of EMEA banking, were confirmed by a spokeswoman.
Before working as a partner at Vitruvian, Petty spent a decade at buyout firm Apax Partners LLP, eight of those years as a partner in the global health-care team, in charge of private-equity investments, the memo shows. Petty, who interned at JPMorgan in 1994, also worked at Schroders doing buyouts and venture deals for medical technology and pharmaceutical companies in Europe, India and the U.S., according to the memo.
Acquisitions in the pharmaceuticals industry globally rose to $80.1 billion last year from $52 billion in 2012, according to data compiled by Bloomberg. Total mergers and acquisitions are “set to accelerate” this year, led by pharmaceutical deals based on calculations of free-cash flow versus corporate bond yields, low debt levels and value-to-cost ratios, according to a Jan. 27 report by analysts at Credit Suisse Group AG.
“Our EMEA investment banking health-care team has become increasingly active over the last year with a number of major transactions,” and JPMorgan seeks to “build on this momentum,” according to the memo from Raghavan. Petty and Patel will work closely with the global health-care team and vice chairs Andrea Ponti and Steve Frank, the memo said.